How To Settle Debts-2 Types Of Debts You Should Know Before You Settle

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The state of borrowing in the US is at an all time high. The amount that Americans owe on loans for houses, cars, credit cards and other purchases adds up to nearly 100% of their annual income after taxes, according to BusinessWeek report. In April 2006, consumer debt totaled 2.170 trillion dollars, an increase of 18% over 2001, according to the Federal Reserve.

Of course, if you are over your head in debt, you don't really care how you got there. But you should, as learning how to budget will not only get you out debt now, but prevent you from finding yourself in a similar circumtance in the future.

Now take a deep breath. All new things seem overwhelming. You may have big doubts about doing this- you may have been told by the debt settlement "professionals" that you will not be able to do this yourself, and that they are the only ones who know the secrets. Not true.

These series of articles that we are going to start writing deals with all kinds of debt settlement situations, intended to target people who are trying to settle with both the original creditors and collection agencies.

First, we must identify what types of debts are there:

There are two basic categories of debt, for the purpose of this article, secured and unsecured.

Unsecured debts include: Secured debts include:

Medical bills Home
Credit cards Auto
Department store cards
Personal loans
Student loans
Bounced Checks

Next, we want to know how long does the card debt settlement process take?
If you are making a lump sum payment to settle your debts, the process can take as little as one month. That is, of course, if negotiations between you and the creditor don't drag out.
Obviously, if you are making payments to settle the debt, it could take as long as 4 years to settle your debts.

About the Author:
Author: Evelio Areas

www.creditsecretsbiblehub.com

By the way, there is a very good company that teaches you exactly how debt settlement works and it shows you how to do it yourself, so you can have more control over your debts and save big money too.
They are the www.creditsecretsbiblehub.com

Check for yourself.



Article Originally Published On: http://www.articlesnatch.com


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